Indika Energy Owned By The Sudwikatmono Family Of Conglomerates Earns IDR 1.08 Trillion Profit In First Quarter Of 2022 From IDR 133 Billion Previously Loss

JAKARTA - The company belonging to the Sudwikatmono conglomerate family, PT Indika Energy Tbk (INDY) recorded a positive performance in the first quarter of 2022. Revenue and profit of this mining issuer was able to grow significantly in the first three months of this year.

In INDY's financial report, quoted on Friday, May 20, the company's revenue reached US$ 830.79 million or equivalent to Rp. 11.93 trillion. This revenue achievement rose 58.19 percent year on year (yoy) from the previous 525.16 million US dollars as of March 2021.

Cost of goods sold also increased to 570.02 million US dollars from the previous 418.86 million US dollars. However, gross profit still increased towards USD 260.77 million from USD 106.31 million as of March 2020.

Meanwhile, Indika Energy managed to achieve a net profit of US$ 75.04 million or around Rp. 1.08 trillion in the first quarter of 2022. This profit was reversed from a net loss of US$ 9.36 million or around Rp. 133 billion in the first quarter of 2021.

Indika Energy disbursed cash for investment of US$84.15 million in the first quarter of 2022 from US$58.06 million previously. Cash and cash equivalents at the end of the period reached 1.09 billion US dollars from 577.84 million US dollars in the first quarter of 2021.

Indika Energy's liabilities reached USD 2.99 billion as of March 2022, up from the end of 2021 at USD 2.8 billion. Short-term liabilities as of March 2022 amounted to 1.29 billion US dollars, while long-term liabilities were 1.7 billion US dollars.

Indika Energy's equity was recorded at 1 billion US dollars as of March 2022, growing from the previous 883.71 million US dollars. INDY's total assets stood at 3.99 billion US dollars, up from 3.69 billion US dollars at the end of 2021.